Global Solar Electric System Market Expected to Reach 230 GW by 2022

August 3004:412017

Global Solar Electric System Market Expected to Reach 230 GW by 2022

Growing awareness about the depleting fossil fuels and the promotion of solar energy by governments of various countries have prompted a shift towards the use of solar electric systems. This represents a major factor facilitating the growth of the global solar electric system market.

The latest report by IMARC Group titled, “Solar Electric System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global solar electric system market reached a volume of more than 76 GW in 2016, growing at a CAGR of 40% during 2009-2016. Solar energy can be harnessed in any part of the world and represents a sustainable energy source. A solar electric system converts this energy into usable electricity which can be further used for various purposes. It comprises of a methodological arrangement of several components, solar panels, solar inverter and other electrical accessories to set up a working system. An efficient and unconventional source of electricity, it is an ideal solution for curbing environment issues like global warming and greenhouse gas emissions.

Highlights of the global solar electric system market:

Governments of various countries are encouraging the use of solar electric systems which remains a significant market driver.

Crystal silicon solar electric systems dominate the market, accounting for the majority of the shares.

Solar electric systems produce clean energy and have the potential to minimize collective dependence on fossil fuels and reduce carbon footprints. This has created a demand for these systems across the globe. Unlike the conventional sources of energy, the solar electric systems do not release any harmful air or water pollution in the environment which can endanger human or animal health. As a result of this, governments of various nations are encouraging their use by creating awareness and providing incentives for solar energy projects. This has also encouraged investors to explore the solar electric system market. The decline in the cost of solar power generation over the years has also led to an expansion in its applications. According to the report, the market is further expected to reach a volume of 230 GW by 2022.

On the basis of product type, the market is segmented into crystal silicon and thin film, wherein the crystal silicon solar electric systems dominate the market. Major end-use sectors of solar electric systems include commercial, residential, and power utilities. Region-wise, China accounts for the majority of the total share, representing the largest market. This can be attributed to the easy availability of cheap labour and immense support provided by the government in the form of tax credits. Other major regions are Japan, United States, Germany, Italy and the United Kingdom. On evaluating the competitive landscape of the market, it is found that Yingli Green, Trina Solar, Canadian Solar, Sharp Solar, and Jinko Solar are the key players operative in the market.

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